Charles River Development, a State Street Company, and BondCliQ today announced a collaboration that will equip clients with corporate bond pricing. The deal will provide traders and portfolio managers with pre-trade institutional price quotes for U.S. corporate fixed income securities and post-trade TRACE data directly in the Charles River Investment Management Solution (Charles River IMS).
BondCliQ’s consolidated quote display generates centralized institutional pricing data for both buy-side clients and sell-side dealers. This facilitates a more efficient institutional secondary trading market where dealers can compete for buy-side client order flow by improving the accuracy and reliability of their quotes.
Combined with Charles River’s order and execution management capabilities, BondCliQ pricing and analytics will enable fixed income managers to better understand pre-trade liquidity for issues of interest and demonstrate best execution to regulators and institutional investors. Traders can view up-to-date bids and offers along with attribution and size details sourced and aggregated by BondCliQ from 27 major dealers.
“Incorporating BondCliQ’s innovative pricing solutions in the Charles River IMS provides our clients with an important new source of actionable pricing data and analytics, helping them adapt to rapidly changing fixed income markets and growing regulatory mandates,” said John Plansky, CEO Charles River. “Expanding our relationships with leading data providers such as BondCliQ empowers traders and portfolio managers with real-time intelligence, and improves price discovery and liquidity access.”
“Our collaboration with Charles River provides institutional investment managers with the first objective, institutional pricing source which is essential for accurately assessing the real-time value and liquidity characteristics of corporate bonds,” said Chris White, CEO, BondCliQ. “The ability to access BondCliQ’s pricing data directly from the Charles River platform streamlines the trade lifecycle for fixed income managers, from idea generation and pre-trade analytics through to trade execution and regulatory reporting.”
BondCliQ is a market data solution for the US corporate bond market. Our corporate bond market system uses a unique set of protocols to centralize and organize institutional pre-trade quotes to empower market makers to become more active liquidity providers for buy-side clients. The BondCliQ team is uniquely qualified to bring an innovative solution to the US corporate bond market because of their invaluable experience in fixed income technology and market development, including senior roles at Goldman Sachs, Blackrock, NYSE, and MarketAxess. To learn more, please visit www.bondcliq.com.
About Charles River, a State Street Company
Charles River enables sound and efficient investing across all asset classes. Investment firms in more than 30 countries use Charles River IMS to manage more than US$25 Trillion in assets as of April 2019 in the institutional investment, wealth management and hedge fund industries. Our Software as a Service-based solution (SaaS) is designed to automate and simplify investment management on a single platform – from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Headquartered in Burlington, Massachusetts, we support clients globally with more than 925 employees in 11 regional offices. www.crd.com
*As of April 2019
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $32,754 billion in assets under custody and administration and $2,918 billion* in assets under management as of June 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $36 billion as of June 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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